Greece's Delta Partners with Fast-Food Chain

The biggest Greek milk and ice cream manufacturer, Delta Holdings SA, has scooped up an 11.3% share of fast food firm Goody's SA as the two ink a partnership.

Delta will sell Goody's pastry products via its sales network, Bloomberg News reported, and the two concerns will together develop new products and expand their businesses.

The dairy concern grabbed the Goody's shares through the Athens Stock Exchange and said it plans to invite Goody's to purchase a stake in its company.

Analysts reportedly don't view the partnership as providing much in the way of synergies, outside of possibly cross-selling ice cream, the news agency reported.

Delta sells its products via 30,000 Greek outlets and another 25,000 in foreign outlets. Goody's owns more than 150 eateries in its home country.

As part of the deal, Delta's chief executive will become a Goody's board member and Goody's chief executive will join the Delta board of directors.

Edited by Gerry Clark